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October 3, 2000 FOMC
Announcement
The Federal Open Market Committee at its
meeting today decided to maintain the existing stance of monetary policy,
keeping its target for the federal funds rate at 6-1/2 percent.
Recent data have indicated that the
expansion of aggregate demand has moderated to a pace closer to the
enhanced rate of growth of the economy's potential to produce. The more
rapid advances in productivity also continue to help contain costs and
hold down underlying price pressures.
However, the utilization of the pool of
available workers remains at an unusually high level. Moreover, the
increase in energy prices, though having limited effect on core measures
of prices to date, poses a risk of raising inflation expectations. The
subdued behavior of those expectations so far has contributed importantly
to maintaining an environment conducive to maximum sustainable growth.
Against the background of its long-term
goals of price stability and sustainable economic growth and of the
information currently available, the Committee believes the risks continue
to be weighted mainly toward conditions that may generate heightened
inflation pressures in the future.
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Last modified: March 11, 2001
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